Quarterly Fiscal Bulletin June-Sep 2013 Page 3
Compensation of Employees has reached 98.1 million at the end of the third quarter in 2013, 12 higher than
87.7 million incurred for the same period in 2012.
Use of Goods Services comprises the largest expenditure category 44 of total expenses in September 2013. Its
value has decreased 16 totalling 171.2 million, compared to the 203.9 million spent during the same period of 2012. This fall has been brought about mostly by reductions in fuel for generators and staff training overseas.
Grants total 1 million for the third quarter in 2013. These Grants correspond to contributions to quotas in
international organizations which increased in 2013 compared to previous years.
Social benefits add up to 78.2 million throughout the first three quaters in 2013. This is 26 lower compared to the
same period in 2012. In particular the Ministry of Social Solidarity reduced social transfers in 2013 compared to 2012, partly due to the unexpected natural disasters which occurred in 2012 and which required more emergency funds
last year.
Other expenses reach 40.1 million compared to 39.9 million in 2012. This is mostly due to higher public grant
expenditures.
2.2 Petroleum Fund Expenditures
Petroleum Fund expenses are determined by management costs and transfers to the GGoTL. Total expenses at the 30
th
September 2013 in this fund reach 186.2 million. Grants transferred to the GGoTL amount to 99 of total expenses, whilst the remaining 1 is management fees: by the 30
th
September 2013 6.2 million correspond to management fees, whereas transfers to the GGoTL total 180 million.
2.3 Donor Fund Expenditures
Total Donor Fund expenditures reach 121.2 million in the end of the third quarter of 2013. These are divided into Compensation of Employees 6.16 million, Use of Goods and Services 50.29 million and Other Expenses 64.7
million.
3. Net Operating Balance
The net operating balance shows the Gove
e t’s a ility to sustai its u e t level ope atio s, give eve ues a d expenses.
3
The net operating balance is calculated as revenues minus expenses. At the end of September 2013, the General Government of Timor Leste GGoTL, including Petroleum and Donor Funds
is running a net operating balance of 2,338.4 million. However the government still relies on the Petroleum Fund and use of the cash balance to finance its expenditures and maintain its current level of operations
4
.
4. Net Acquisition of Non-Financial Assets
Net Acquisition of Non- Fi a ial Assets e o ds t a sa tio s that ha ge GGoTL’s holdi gs of non-financial assets. It is
broadly equivalent to capital expenditure as recorded in the Charter of Accounts in Timor Leste. At the end of September 2013 total acquisition of financial assets stands at 153.4 million. The GGoTL has undergone
net acquisition of non-financial assets worth 141.5 million 59 lower than the 344.7 million spent by the same date in 2012. The Petroleum Fund did not record any expense under this category and the Donor Fund spent 11.9 million.
3
In Timor Leste, Gross and Net Operating Balance are the same, as there is no inventory for depreciation of fixed capital to date.
4
The GGoTL is running a net operating deficit of 111.9 million without the Petroleum and Donor Funds.
Quarterly Fiscal Bulletin June-Sep 2013 Page 4
5. Net LendingBorrowing
Net LendingBorrowing is total expenditure minus revenue. Net Lending in particular means the GGoTL with the Petroleum and Donor Funds is maintaining a strong financial position and has the capacity to invest those resources
which are not being used in the economy.
The combination of total revenue particularly oil revenue, expenditures and acquisition of non-financial assets make net lending for the GGoTL with the Petroleum and Donor Funds 2,185 million at the end of the third quarter in 2013.
6. Net Acquisition of Financial Assets
